What happens after the introductory period on an Adjustable-Rate Mortgage (ARM) loan?

After the introductory period, the new interest rate is calculated based on the terms outlined in the Note. 

What is a Recast or re-amortization?

A recast occurs when a large lump sum payment is made towards the principal balance and a request is made to recalculate the monthly payment based on the new lower balance. The interest rate and loan term remain unchanged.  Recasts are subject to eligibility and a fee may apply. 

What is a buydown mortgage?

A buydown mortgage is a way to lower the mortgage interest rate for a set period of time. This can be done by paying an upfront fee, known as discount points, or by having the seller or lender pay for a temporary buydown.

What is Autopay?

Click here to learn more about our convenient automatic payment methods. 

What are biweekly payments?

Click here to learn more on how biweekly payments work and why it might be a great choice for you. 

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